Saturday, January 31, 2015

If you are planning to start a business or have recently started one, you have a four in five chance of failing. Research by Bloomberg reveals that 80% of small businesses fail within a year and a half of starting. If you're like most budding entrepreneurs, leaving a steady job for such uncertainty is a huge leap of faith. You would stand to lose not only the money you put into the business, but also the overall financial security of your family. However, there are things you can do to give yourself a fighting chance.

The First Step is Always the Hardest

Derek Halpern of Social Triggers offers some sound advice from personal experience on how to start anything. As he points out, "there's ALWAYS a gap between what we know we SHOULD do and what we ACTUALLY do. For any goal you have - such as starting a business or addressing one aspect of it, like social media - the first step is "to simply get started." Many people go months or years before even doing this step, and in fact, often never start at all. In his video, he shares the "Before I go to sleep tonight" technique to help you get over this hurdle. It's pretty straightforward. But first, some paradoxical advice: start with the end.

"You read a book from beginning to end. You run a business the opposite way. You start with the end, and then you do everything you must to reach it." - Harold S. Geneen, telecommunications entrepreneur, as quoted by the Small Business Blog

Obviously, you should have an end goal in mind. The problem with end goals is that they are often so big and all-encompassing that they seem hard to break down into doable parts. Derek suggests starting with something you can do without too much effort TONIGHT. Do this before you go to sleep, without having to stay up much later than you usually do. Take up his challenge and comment on his post about one thing you will do tonight before you sleep. Rinse and repeat.

Remember When to Quit for the Day

Entrepreneurs will always have more to do in a day than they can do. It can become a source of guilt or sleepless nights if you don't finish everything you want to do today, even if it's just plain impossible. The key is effective time management. One of the biggest obstacles to proper time management? Learn to say no - no to people, things, events, vices, etc. that do not help you run your business. Most importantly, set boundaries as to how much of your day goes to the business, and when to set your quitting time.

Summary

In starting any business, make sure you thoroughly plan the kind of time and money you will need to reach the breakeven point. This is easily two years down the line - more likely around five. Then just as the old catch phase goes, do it. But at the same time, remember to set boundaries to prevent it from consuming your entire life and affecting your family. These simple tips are often overlooked and taken for granted by a lot of people. They can also be some of the biggest reasons a vast majority of small businesses don't take off.

Wednesday, January 28, 2015

If becoming an entrepreneur crossed your mind, you may have wondered; what does it really take? So you are currently in a job or may not have one. Yet the thought of starting a business to support your family or just to make extra money seems like a good idea. One small problem: you have never been an entrepreneur. The word entrepreneur or business owner might illicit fear, if not dread. Maybe this stems from being trained to work for money as an employee in someone else's company. However, this should not stop you from providing a useful service or product. The best way to overcome your fear is through knowledge. The more you know about taking the plunge into your business venture, the better chance you will have of succeeding. Below is a list of a few things that an employee needs to consider before diving in head first into their own business:

1. Why are you starting this business?
What is your "why" for starting your own business? If you are in it just for the money, you will find that you will get very despondent quickly. It takes a lot to start and run a business. There are many challenges to face in starting this new venture that may quickly test your will. In the beginning you may wear many hats such as CEO, general manager, accountant, computer technician, sales person, secretary, etc. The different skills needed for each of these may not come easy for you. The good news is you can get help from people you know or hire someone to cover these. The aim here is to have a strong enough why to keep you going when you feel challenged. Write your "why" and read it daily. This will ensure you have enough steam to keep going when the going gets tough.

2. What is your product or service and how good is it?
Your service may be cutting lawns or selling pizza (a family recipe). The thing that will stand out is how good you are at what you do. Using the example of a landscaping company: Are you friendly, reliable and competent compared to other landscapers servicing that area? Think about adding a discount on a six month contract for cutting their lawn as an extra. Using the example of selling pizza: How does your pizza taste compared to similar pizza sold in the area? If your product or service is similar add value to your service, maybe offer free delivery during the week.

3. Who are you offering your product and services to?
This may seem like an odd question, people would be your answer. However, what do these people have in common and what do they want? The sooner you can answer these questions the better you will be able to serve them. FedEx, for example, offers fast, reliable overnight shipping. When FedEx first opened, USPS was already delivering packages. However FedEx figured out that businesses needed faster delivery to keep their businesses going. FedEx met the needs of other business owners.

4. How will you show what you have to offer?
If this sounds like marketing, then it is. Don't be scared of the word marketing. Marketing can be considered as a way to show your costumers what you have to offer. Then consider what method you will use to communicate that message to them. The internet has created a whole slew of ways to market for free: Facebook, twitter, LinkedIn and others are examples you can use as leverage for free. Or you may want to go the traditional route of word of mouth, ads in the newspapers or flyers. Another option could be hiring someone to do it all for you. Starting a business also means letting others know how to find what you have to offer.

5. Where will you exchange your goods and or services?
Depending on whether you offer a service or a product you may have operating costs or very little. If you sell a product only online there may be no need for an actual physical location in addition to your garage. However, take for example, an education consultant. He or she may visit his or her clients in person or have an office. Either one will generate a cost associated to conduct business; one may be less than the other. Travelling may cost the consultant time and money in transportation, this possibly limiting how many clients he or she can see in a day. When compared to having an office, the rental cost may be unaffordable in the beginning. It all boils down to how your costumers will get your product or service.

6. Do you have all the supplies you need and how will you acquire the supplies?
In addition to location, do you have the tools to do the job? Example: Let's say your new business involves selling hand-made jewelry. You decided you can do this from home. Your list consists of strings, beads, storage containers for you supplies and finished products, etc. After listing these items, you may find a local hobby store that is both conveniently located and reasonably priced.

7. How will you get paid?
Consider your method of payment from your clients. Setting up a merchant account and getting equipment are important in your store front or you can take only cash and checks. If you are an online only business you may set up a merchant account like PayPal. The more payment options you have available the better it will be for your costumers.

8. How will you set up your small business?
Registering your business is a very important part. You can choose to operate as a sole-proprietor, limited liability corporation, limited partnership, etc. The important thing is to remember to file the necessary paperwork with the federal, state and county where applicable. As a business owner you are now responsible for paying your taxes. You are now the employer of yourself and anyone else hired. In addition you wouldn't want to miss out on the tax benefits of owning your own business. The best way to set up your business is to seek professional advice from your lawyer and accountant. Or you can get assistance from legalzoom.com, Score, or the US Small Business Administration.

9. What will your total start up cost be?
Having answered the questions previous questions, you are now better able to answer this one. Your businesses start up costs maybe small or large. Example: a freelance writer may have a much smaller start up cost than starting a pizza restaurant. Knowing what your numbers are allows you to be better equipped to start. If leaving your job to start your own company is your choice, knowing this number will tell you where you need to be. The aim is to be best prepared for the success of your new venture.

10. Where will you get your funding?
Will your 401k, savings account, or trust fund provide the funding to start your company? Or will you need a loan? Answering question number nine truthfully will help you answer this one. It maybe you want to start with your savings or borrow the money from a friend or relative. They may be able to give you a much lower interest rate than the bank. Or you can opt for a business credit card. Or grow your business as you make more profit. There are many options available if you do need it.

Starting your own business boils down to your mindset. Entrepreneurs know that in order to be successful, they have to think success. Their success is directly proportional to how creative, resourceful, and imaginative they can be. In the beginning, you are jack of all trades. However, none of this should stop you. Remember, the more you know, the better equipped you are to succeed. And if you aren't sure of something, always seek professional advice. Prepare to succeed and keeping providing the best product and services you can.

Lily Wong is a life and business coaching helping new entrepreneurs develop the mindset and tools to go from employee to self-employed. Please visit http://www.lilywongcoaching.com for more assistance.

Saturday, January 24, 2015

There are a wide variety of useful tools available to small businesses that are helpful in starting and maintaining your business model. We've put together a list of the ones we cannot seem to live without - most of which are... get this... FREE!

Bitly - This is a great resource if your business requires you to post links to an audience. Most of the time, the link is dreadful looking and long. Think of Bitly as your cleaning lady. It tidies up the link and keeps it clean. The system is very user-friendly and it's FREE.

Google Alerts - Google Alerts can be forgotten, but it is powerful. It's nice for businesses that deal with clients because it allows you to set up alerts that come into your inbox when something you want to know about is in the news. For example: If you have a client who is a weight loss coach, you could set up a Google Alert with the phrase "weight loss techniques or healthy weight loss tools" and whenever something is published on the Internet for that topic, you are alerted. You can then forward the hot new information to your client. It's an easy way to show you are on top of your game and care about their business model. The alerts can be set up to come daily, weekly or monthly. This is also completely FREE.

Dropbox - This is a service that lets you bring photos, documents, and videos anywhere, and share them easily. Never email yourself a file again! Dropbox can be useful if you and your team are in different areas of the country. It is FREE up to a certain amount of storage.

Constant Contact - For just $15 a month, you can easily design a great email marketing campaign. The system also offers a number of other services to help you grow your business. They also have great coaches to guide you along the way if you get stuck. Outside of the software, Constant Contact has local FREE seminars you can attend, varying in topics to walk you through how to use their services and provide tips and tricks to growing a business. It is a great full-service option to growing your business at minimal cost.

Google Analytics - Knowing how consumers are finding your business online is imperative to your business's success. Google Analytics is an easy method to tracking your website traffic, and getting information on how many visits your site has, how people are finding your website, etc. Google Analytics is easy to install and it is completely FREE.

SurveyMonkey - With SurveyMonkey, you can create and publish online surveys in minutes, and view results graphically and in real time. It provides free online questionnaires and surveys. SurveyMonkey is user-friendly and truly is a great way for you to track results. It is FREE for the basic account.

There are a number of tools out there, but these are the ones that are essential in helping our business thrive each and every day. Each item on this list is capable of helping grow and maintain a clean business model, which is imperative to business success. Implementing these great, easy-to-use business tools can help your business flourish into the great company it's meant to be.

VaVa Virtual Assistants are experts in the administrative field and we can help cut your workday in half. For ormation, visit http://www.vavavirtual.com.

Wednesday, January 21, 2015

Every business, no matter how successful, will at some point ask themselves the question, "How do we increase sales?". It's fundamental to business, and vital to understand. Depending on the industry, companies might have different answers to this question, however there are a few core principles that will always work no matter what kind of business you're in.

1. Cut Prices

This might seem counter-intuitive, but increasing sales often requires cutting prices. A lot of times, the reason you are not getting the business is because your prices are too high, or your competitors have undercut you. Lowering price strategically, and measuring the results, can open your eyes to where you might be overpriced in the marketplace. You don't necessarily have to lower price across the board, or even lower your stated price. You can do this through discount codes and coupons. Everyone likes a deal.

2. Offer Extras

Just as everyone likes a deal, everyone likes something extra. Every time I go to my local donut shop, they always though in a donut or two that I didn't order. Nice! Find something that doesn't cost you a lot to give away, and throw it in. Even more than a deal, everyone likes something for free.

3. Integrate

Does it make sense to use your product in conjunction with someone else's product? Do your customers routinely do this? If so, make it extremely easy for them. As much as you can, tie your products in with the broader marketplace. If you make something easy for your customers, they will love you, and send others to you.

4. Raise Prices

Yes, I know I just said lower prices, but raising them is also a valid strategy. Find out what products your customers compare to your competitors. Keep those prices low. Then, raise prices slowly on everything else. You have to be careful when doing this, as there is certainly a point of diminishing returns, but it could be the sales boost you've been looking for.

5. Tap New Markets

Does your product or service have some use beyond your traditional market? I bet it does. Why not put a little effort or investment in expanding into a new market? Those are new customers, with money, just like your current ones. Don't be afraid to expand, where it makes sense.

6. Inspire Sharing

How can you facilitate your customers talking to other potential customers about you? If you can answer that question, you have marketing in the bag. Social media is one way, but a lot of companies waste a lot of time doing it wrong. Find out what works for your customer base. Help them share, and encourage the sharing. They are your best advertisement.

Michael writes about business, marketing, entrepreneurship, and success, while providing resources to help others grow and learn. He recommends checking out Dream Activated when looking to start or grow a business. They have exceptional resources for small business funding, legal, and tax concerns.

Saturday, January 17, 2015

In preparing to train a local business on Extreme Client Care™, I thought I'd share a few tips for attaining -- and keeping -- customer and client loyalty.

1. Ensure that the price you charge is always far less than the value your customer and client receives.

2. When preparing your next "X" (program, product or service), put yourself in your customer's shoes and ask "What would make this an experience worth raving about?" Then see what you can incorporate.

3. People first, revenue second. Take time to connect with your customers and clients as people before anything else. Get to know them as individuals.

4. Treat your best customers and clients as insiders in your business -- give them a "sneak peek" of things to come. Build anticipation.

5. Ask yourself, "If I was starting over, what would the ideal experience be for each and every one of my customers?" Work to incorporate that vision into your business.

6. Remember the old saying "the devil is in the details" -- it truly is. Give the details the same attention as "the big things". It's in these details that the remarkable often happens. I've also heard the phrase "Little hinges swing big doors" -- same concept.

7. We hear the phrase "under-promise and over-deliver" a lot. Sadly many businesses don't even "deliver", let alone over-deliver. Be the one who does.

8. Before sending that email, ask yourself, "Is this the best way to communicate in this instance?" You'll discover that many things can be handled faster with a 5-minute phone call and your clients will appreciate that you reached out.

9. Share the results your clients receive with them -- periodically review how different things are, how things have changed.

10. Hold your customer and client's interests above your own. If a client isn't getting results, for any reason, bring it up with them and be prepared to do what's in their best interest.

11. And a bonus... remember to thank your customers and clients. In person, with cards, picking up the phone, with a gift, whatever's appropriate for the situation.

Remember, Extreme Client Care™ is all about win-win -- a win for your customers and a win for your business.

The best way to deliver a continuously optimal experience? Plan for it!

Please share any tips or strategies you have or examples of how you've received Extreme Client Care™ below, we'd love to hear them.

As an inspiring and in-demand mentor, trainer and speaker, Sandy has helped hundreds of small business owners across the globe create sustainable businesses which make a positive impact. Sandy is also the founder of Escalator Marketing™, creating client engagement and raving fans by design. Sandy's Done 4 You services, programs, products and presentations on Escalator Marketing™ and creating lifetime clients through Extreme Client Care™ have made her an in-demand and innovative expert. http://www.TheMartiniWay.com

Wednesday, January 14, 2015

The beauty of the technology that we are all enjoying today is that it allows us to be as dynamic as we can possibly be. For instance, having your own business is now made more possible since you can choose to do it online. You can even keep your day job if you have one, because it practically lets you manage your business from wherever you are. Moreover, since most of your operations can be done through the internet, your online business ideas can be executable with less requirements-less manpower, less time, less costs, and even with just minimal training. To help you get started with your business, we came up with a few "prerequisites" that you may choose to do before you actually kick off.

1. Education is the key. There has never been any instance wherein investing in education is such a bad idea, especially in business. It may not be a Ph.D or a degree in business, but what matters is that you are interested in staying on top of things. This can be done simply by reading up on as much material as you can, and signing
up for (usually free) webinars that discuss the basics of online business.

2. Do your research. Doing business is a whole new venture for you so aside from beefing up on your knowledge in business, it is also important that you know about firsthand experiences of people in your network. This way, you get to know the best practices, and even the bad ones, directly from someone who has been through it. If it's not enough, find a business that operates in the same way you pictured out for your business, and use it as your case study. Try to find out more on their accreditation, and the feedback of their clients and partners. After you've done all these, evaluate if you can project a foolproof business plan from their practices.

3. Have one goal at a time. Figuring out what kind of goal you want for your online business ideas, even before you start it, does wonders to what you are about to do from that point forward. It directs you in the ideation process, and helps you set more realistic Key Performance Indicators (or KPIs) for your business. Having a clear vision of the mark to hit is a big factor in making a business successful.

There is no one clear-cut way to do business right, but these should be enough to guide you as come up with online business ideas. There are also a few things you need to be careful not to do, such as spreading yourself too thin in terms of resources, and biting of more than you can chew in terms of the actual work. There are things that you will learn along the way, but it is easier to improvise when you have already done these three.

Best Online Travel Business opens the door to a business you can manage anywhere even when you travel. Discover the breakthrough business opportunity that builds income without any special skills, knowledge, or know-how, whatsoever. Discover how a professor and chairman of the board of directors of USV-JSC made his way on how to make money through this business. Know what this idea is all about, please visit http://www.bestonlinebusinesstravel.com/

Saturday, January 10, 2015

Whether you are small one-man business or growing bigger than that, all business owners continually need to look at improving the business. As we say you are always continually trying to build a bigger better stronger ship to sail. No matter how busy you are, you should never leave your business to remain static and there is always room for improvement. Making improvements to make your business better is fun but requires you to work on your business for some time. Often the key to this is to designate some time to work on the business rather than in it as we often do, working in it means just in the business servicing and taking care of normal business or trade and not improving businesses. It is also important to balance your time and put priority into the areas which you think will return the most bang for your time.

Here are some areas which we think will give your business the biggest gains.

1. Keep score, it is important to keep it simple, accurate and cheap to run scoreboard. Just as we watch sport and know the score, and play to the score, so should businesses. If this is hard for you then hire someone who can bundle up your services to include bookkeeping and regular monthly reporting so that you have the accounting information to help grow your business rather than doing what most average businesses do which is to fly blind without current financial performance indicators. A good accountant will help you spend time on a part of the business you may neglect because of your poor understanding.

2. Set goals and keep these alive through your monthly reporting process. For instance, if you wish to succeed in a certain level of sales in your financial year, break this down into a regular monthly budget. You will be surprised how this can motivate you and guide you into reaching your goal. Know where you want to head, then build it with a month by month plan.

3. Learn how to market you and your business properly. Surprisingly many effective marketing techniques are at very low cost.

4. Change your presentations. These may be your sales presentations in which you need to have a structured and successful saws presentation technique. You may want to script and improve how you handle phone enquiries, as improvements of tweaks in this area can dramatically increase your conversions and improve your sales performance and business performance. You might wish to also conduct seminars or business networking presentations which can dramatically improve your sales lead generation. Lastly you may wish to present yourself through social media or YouTube to explain or more distinguish yourself in the market. YouTube is a great way to answer a commonly asked question of your business.

5. Always look at your internal processes and aim to improve your efficiency and know-how. Look at using great resources such as information technology or software. As well as standardising procedures, checklists and processes throughout the business.

6. All good businesses will grow through delegation of duties to capable staff. The business should continually look at what areas are sucking up a lot of his or her time and where possible delegating these to the staff. It is important to invest time developing staff as this activity can save an abundance of time down the track such as them teaching your future staff rather than you. As I like to say, create a monster, who can create more monsters who can handle just about everything for you.

7. Business owners are often neglecting own bodies and can get run down and sick. A business person needs an abundance of energy so they must look after their bodies and have a healthy lifestyle. Keeping yourself alive a lot longer has to be good for your business, don't you think? Try to keep this perspective throughout your life.

8. A great way to improve your productivity again is to take a holiday. Make that move and book your holiday, make the arrangements for it to work and build the business so that it can live without you even if it's for a short-term. Remember it's only a business where it can work without you. If you are short of a holiday idea, ask an agent or just start talking about it for ideas.

Romeo Caporaso is an Australian Tax Agent, specializing in small to medium business improvement and marketing. Visit our website for membership to our website including our highly successful Better Business and Creating Wealth E-course at http://www.taxaccountingadelaide.com/ Copyright Romeo Caporaso

Wednesday, January 7, 2015

Taking advantage of business-to-business (B2B) sales opportunities is important to the bottom line for a growing number of companies. With a lingering recession and high unemployment figures in the background, businesses of all sizes are allocating additional time and resources to their B2B communication activities. This marketing approach can be even more effective by adding two common-sense strategies:

Improved B2B Negotiations

Improved Business Writing

However, many companies overlook these prudent steps in their rush to make a sale.

Negotiating Delivery Terms and Prices

While many business owners dislike negotiating, the negotiation process should not be overlooked during the B2B sales cycle. "Everything is negotiable" can be a helpful reminder to negotiate the best financial terms even when a customer appears unwilling to be flexible.

In addition to applying this strategy to a pending sale, companies should be equally attentive to the value of negotiating when buying from a supplier. As noted by Roger Dawson, "You will never make more money than when you are negotiating."

Improving the Bottom Line for Business Writing

Most business executives are eagerly searching for a more effective way to tap into the world of internet sales and marketing. In many cases, the most straightforward approach to do this is to improve the quality of online business writing. Why? Here are two inescapable reasons:

Google and other search engines are increasingly becoming more discriminating about what passes muster in search algorithms.

Business customers frequently use a company's written message as a proxy for judging the overall excellence of a business enterprise.

A high percentage of contemporary online business publishing content was produced at the whopping expense of one to five cents per word by some thrifty business buyers observing a "lowest bidder" mentality. Should business owners really expect this approach to put their best foot forward for either smart search engines or smart customers?

The Bottom Line Keeps Moving

The power of search engines to influence internet users is still evolving. The roles of keywords, images and unique text in search algorithms are changing. What worked 10 years ago is not necessarily a viable strategy today.

The costs of operating any business are subject to constant review. Business writing clients regularly attempt to improve the bottom line with improved efficiencies for writing expenditures. Marketing and public relations are not immune from budget cuts. Business writing costs must be scrutinized along with all labor expenses. Persuasive business writing increasingly needs to be cost-effective as well.

However, common sense suggests that there are practical limits to what B2B marketing can achieve when too much attention is devoted to keeping business writing expenses throttled at prices that preclude consistent quality. What does anyone realistically hope to achieve when attempting to buy a high-quality commodity for between a penny and a nickel per word? Of course, discerning search engines and customers will not be fooled - and will often punish companies that try to sacrifice quality at the expense of unsuspecting clients.

The Need for Expert Solutions: Business Negotiating and Business Writing

The increased value of expert solutions poses a serious challenge for businesses everywhere. The working definitions of expertise are a moving target - but are qualified expert negotiators and writers likely to be consistently available at the same price as unqualified personnel?

The jury is still out on the impact of social media, but popularity appears to be an inadequate proxy for either writing or negotiating expertise. The importance of internet visitors and keyword density has been superseded by a need to supply specialized answers and help. This quality shift deserves applause by everyone in the internet and B2B community.

Stephen Bush is a B2B marketing consultant and business writing expert who works with small businesses throughout the United States and Canada. He has provided specialized help involving business negotiating, commercial financing and proposal writing for over 30 years. Please contact Steve to discuss career training services for individuals interested in pursuing careers as a small business finance consultant or referral specialist. Steve is the founder and CEO of AEX Commercial Financing Group.

Saturday, January 3, 2015

"Small business owners have a bad habit of trying to do everything themselves," writes Cash Miller in Small Business Delivered. After all, most business owners start out with just an idea of a product or service to provide. Often, all the technical stuff that a business requires is overlooked. As a business owner, you can easily find yourself one day trying to be a lawyer, accountant, marketing expert, and a slew of other roles at the same time. In the meantime, actually running your business takes a back seat. This certainly isn't ideal. As such, you may want to get outside help. This can free up your time to focus on your business. Leaving other tasks to the professionals means they get it all done right and in less time to boot.

Legal

From getting all the required permits to making sure you comply with the many constantly changing federal, state, and local laws (such as those regarding fair labor), getting professional legal advice can save you loads of time and headaches. This includes potentially saving you from stiff fines or even imprisonment.

Accounting

Many people dread the word "accounting" and specifically "taxes," and with good reason. First of all, mathematics just isn't the strength of many. Keeping accurate, updated records of transactions, payroll, bills, taxes, etc., can make anyone dizzy. On top of this, in business, almost every move you make can be subject to tax. Paying the wrong amount or even failing to file on time can lead to stiff penalties. Save yourself the trouble and get someone with professional training to handle your books.

Marketing

Elise Wile of Demand Media writes in Chron Small Business: "No matter how good your product or service is, if the public isn't aware of it, your business won't be a success." Marketing is yet another role that can distract you from focusing on said product or service. It involves a lot of research and implementation to effectively reach your target market. Aside from traditional marketing, digital marketing simply cannot be ignored or underutilized in today's world. While it provides cost-effective tools for the small guys to compete with, it also tends to be complex and time-consuming. With so many platforms and all this talk of figuring out algorithms and curating content, online marketing is a rapidly growing industry in itself. This means there are plenty of experts out there that can help.

Other Things to Consider

There are a host of other roles needed to run a business, such as human resources, office management, and tech support. With so many things to do, business owners who are just starting out tend to have the "Superman Complex" coined by Max Carey as far back as the 1980s. A victim of the complex, Max had frequent breakdowns and a failing business. Learning what tasks to outsource or delegate turned both his life and business around. With that being said, however, remember who's the boss and keep an eye on everything to make sure things are going the way you want them.